Mrs. Emerson
introduced the following joint resolution; which was referred to the
Committee on the
Judiciary

JOINT RESOLUTION

Proposing an amendment to the Constitution
to provide for a balanced budget for the United States Government and for
greater accountability in the enactment of tax legislation.

That the following article is proposed as
an amendment to the Constitution of the United States, which shall be valid to
all intents and purposes as part of the Constitution when ratified by the
legislatures of three-fourths of the several States within seven years after
the date of its submission for ratification:

—1.

Prior to each fiscal year, the Congress and
the President shall agree on an estimate of total receipts for that fiscal year
by enactment into law of a joint resolution devoted solely to that subject.
Total outlays for that year shall not exceed the level of estimated receipts
set forth in such joint resolution, unless three-fifths of the total membership
of each House of Congress shall provide, by a rollcall vote, for a specific
excess of outlays over estimated receipts.

2.

Whenever actual outlays exceed actual
receipts for any fiscal year, the Congress shall, in the ensuing fiscal year,
provide by law for the repayment of such excess. The public debt of the United
States shall not be increased unless three-fifths of the total membership of
each House shall provide by law for such an increase by a rollcall vote.

3.

Prior to each fiscal year, the President
shall transmit to the Congress a proposed budget for the United States
Government for that fiscal year in which total outlays do not exceed total
receipts.

4.

No bill to increase revenue shall become
law unless approved by a majority of the total membership of each House by a
rollcall vote.

5.

The provisions of this article are waived
for any fiscal year in which a declaration of war is in effect.

6.

Total receipts shall include all receipts
of the United States except those derived from borrowing. Total outlays shall
include all outlays of the United States except for those for repayment of debt
principal.

7.

This article shall take effect beginning
with the second fiscal year after its
ratification.